First time buyer trying to cover all the bases, a little advice please?Ok, so im a first time homebuyer and I have several question. Ive been doing my best to inform myself of as much information as possible. Currently my wife and I are looking for a home in the Vero Beach FL area on the treasure coast (as far down as lakewood park). I made 49K in 2013. I have about $450 in monthly debt (including car loan/insurance/cable/cell etc..) My wife is a stay at home mom to our 2 yr old. Currently renting. Questions1. Now I have 2 medical collections that recently went on my credit. Before these went on, my credit score was 740. Now its 680! Should it have dropped it that much??2. I plan on sending them a Pay for Delete letter. Im praying they take it. One is for $267 and the other for $200. How much would this hurt my rate if it showed as paid off instead of removed? (as i know some agencies wont do a pay for delete because the credit bureaus frown on it)3. Im looking for an FHA. Most likely a 203K as many homes in the area are foreclosures and wont pass inspection. Most need about 5-10K in work. Are there any good experienced lenders in the area with 203K loans? And how difficult is it to obtain these loans?4. Currently we rent from a family friend. He puts a little of our rent into savings every month for us. In the next couple months we should have 1,500-2,000 saved with him by the time we start looking. Problem is I dont want to have to drag him into the hassle of "gifting" us the money (bank statements etc..). As well he cant reduce the rent by that much so we can simply save the money ourselves because I dont want to have any changes like that crop up during my application and have to explain it. Any ideas how to work around this? Because I know we have to account for the money im not sure how to explain where it came from by putting it in my account.5. We are looking at around 100K or less for a home. We will have about 6K cash saved up. About 3600 of it is coming in my tax return. Is this feasible?January 19 2014 - Vero Beach00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.